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Fan Yang

Bank of America (BAC) Opening up the $33 Mark a Year-Long Correction

After a year-long period of consolidation/correction in 2018, Bank of America $BAC shares appear to have rounded out a bottom and shifting into a bullish mode again.

BAC Daily Chart

(click to enlarge)

Price Action Shifting:
- As we can see on the daily chart, price action has killed the pattern of lower lows and lower highers.
- Furthermore, price has broken above the cluster of 200-, 100-, and 50-day simple moving averages (SMA).
- Finally, the latest drive up in late March into April pushed above the previous 2019-high and cracked a falling resistance.
- I think a close above $30 at the close of the week would confirm the bullish breakout.
- In this scenario, we can anticipate another 10% extension towards $33, around the early 2018-high.
- A close below $28.70 on the other hand would suggest further consolidation, with increased downside risk.

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